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Britain seeks IMF loan to halt pound collapse
London reports Britain will seek about 3.9 billion dollars from the IMF to shore up the pound as inflation soars and unemployment climbs. Chancellor Healey says failure to obtain funds would deepen living standards woes and widen the trade gap. The move sparks political tension as Labor pushes restraint and Conservatives call for a coalition. IMF terms likely demand tighter fiscal policy and wage restraint. News of the loan request boosts the pound briefly while shares fall to 1976 lows.
MENTIONED IN THIS ARTICLE
London
International Monetary Fund
IMF
Denis Healey
Britain
West
Healey
Washington